Rupee up as exporters sell

The rupee was up on selling by exporters, the USD/INR pair at 55.735/75 vs 55.92/93 last close.

Dealers say some IT companies have been selling dollars; also a large petrochemical company has been receiving in forwards and selling spot.

Private bank dealer says euro weakness may prevent further rupee gains, tips 55.65-56.00 band rest of session.

Euro fell and hovered near a two-year low on Tuesday after a meeting of euro zone finance ministers offered no positive surprises, while the Australian dollar sagged after disappointing Chinese import data.